What is Bitcoin? | Robert Breedlove and Lex Fridman

[@Darcsied27]

He explained bitcoin better than anyone I ever heard with just 11 minutes of time. Simply Amazing Guest Lex

[@cambodianriverpig7613]

From this angle, Robert looks like Chael Sonnen.

[@marcusarmenius2908]

This guest is VERY good at explaining things in an easy to understand fashion ⭐️

[@f0xx32]

loving the crypto content

[@dipankar.kataky]

Thanks Lex ,been a fan from so long

[@baflabies]

Money is energy. So it makes sense that we are going to midmax it.

[@STalvacchia]

Please help me understand: What would it take for the protocol to be changed to allow a larger supply? I'm arguing with someone that is saying crypto is no different than cash. When I talked about the built-in limit, they argued that the protocol can be changed so it's no different. I've read that changing the protocol requires an economic majority, but I don't understand that concept.

[@amishjain17]

In the case of Bitcoin, the total supply is fixed as 21 millions but there is a space for protocol improvement which does not changes the total supply. However, other improvements such as approving Segwit on BTC blockchain requires 95% confidence from the miners.

[@justinhonse]

Basically if they make a change and the vast majority of minors don’t agree on it, then it’s no longer Bitcoin. It’s a different token

[@STalvacchia]

@@justinhonse When and how do miners get presented with and make that decision?

[@ImStuckInStockton]

@@STalvacchia The mechanism is called a Bitcoin Improvement Proposal. My understanding is once a BIP makes it to the official github, the miners have a time period where they can indicate a vote to approve a BIP by flipping a bit in the blocks they mine. If 95% of the blocks in a certain time approve the change it will be implemented via the miners upgrading their software at a predetermined time

[@foreverseethe]

I keep thinking about that guy that bought a pizza for 10,000 BTC about 10 years ago. "S. Nakamoto" must've felt like I feel when I present students with a brilliant learning opportunity and they kick it around.

[@jeffjuhre1494]

The most superior monetary technology that has ever existed ... with a few exceptions. 1. It isn't accepted as money at almost all places you use real money. Try to buy a coffee, groceries, gasoline or anything from a retail store in bitcoin. Try to pay your mortgage or employees in bitcoin. 2. You can lose your entire savings by losing your virtual wallet or having it stolen and there is no remedy from an outside authority to straighten it out. 3. Its value fluctuates wildly compared to the value of "fiat" currency. 4. The transaction fees can be more than the thing your buying. 5. The latency time is not up to snuff yet. Most people call a transaction successful with a minimum of six confirmations. Another five blocks must be mined on top of the block that contains the transaction which can take an hour. Your coffee will be cold by then.

[@mattnewth8651]

Do you recommend investing in Bitcoin now or is it better to wait

[@enrey2010]

Buy whatever you can weekly

[@bingchilling_69]

do your own research and don't put money you need on the line

[@amishjain17]

Buy only when you do your due diligence.

[@octaviogonzalez9092]

Wouldn't Bitcoin need to be limited to avoid hoarding and force people to continually move their cryptocurrency?

[@bingchilling_69]

that would remove the point of it

[@octaviogonzalez9092]

@@bingchilling_69 i meant it would only be the solution because there is a limited amount. From what I understand, this could be the solution to the elimination of Millionaires. Wouldn't Bitcoin be the answer to keeping the currency flow circulating. We wouldn't have greedy bastards hoarding it all because the whole purpose of currency is for the execution of transaction. Holding to it will be frowned upon..am I making sense?

[@bingchilling_69]

@@octaviogonzalez9092 The type of thinking you're proposing is what drives wealth inequality in the first place, money devalues -> wages devalue -> asset prices rise -> working class gets shafted while the rich get richer. Money that doesn't devalue favors the productive and halts the growing wealth gap, but if the rich use their money wisely (which they currently don't) then the wealth gap would stay relatively the same.

[@astroNexx]

no because there is no point in being a millionaire if all that money brings you is an imaginary number. You want to spend that money to obtain things that make you happy or drive your purpose. If you want to spend it, well you gotta give BTC to other people for their service. Money is not the end goal of anybody. It's a tool that helps your end goal

[@armani257]

I have been watching a lot of youtubers saying that you can mine btc (blocks) faster and that the last btc is going to be mined somewhere in 2080 instead of 2140. Has anybody an answer for me? This part is really confusing because they said that the computers to mined btc are becoming better and better.

[@wg4024]

No I don’t think this is the case. Better computers will just make it harder to mine. The consensus protocol has a set number of blocks it wants to produce for any unit of time. Everytime a new block is produced it can calculate the rate at which that block was produced relative to the previous block. With this, the protocol can determine if blocks are being mined too fast, too slow, or just too right. If the blocks are not being mined just right, then the protocol can increase or decrease the difficulty of the mining process. The difficulty of mining, which is the leading number of 0s in the block hash is purely statistical. So they can make it statistically more easy to mine a block, increasing the block mined, and hence increasing new circulation supply. Or, they can make it statistically harder to mine a new block, and thus make the rate at which new Bitcoin comes into circulation lower. In conclusion, bitcoin has a strict date of when mining rewards will end, and a strong protocol that will sustain it.

[@armani257]

@@wg4024 Thank you sir!

[@philipjee4389]

Thanks for your video lex loving the video and the topics could you ever do a video with Joe rogan again?😅👍

[@temamoytvofficial5174]

Joe Rogan and Joe Diaz inspired people who's just be drunk doing no new all the time . I can find inspiring podcast captured idea to get back on track sometimes with lost drunk people haha🤣 it's funny when Joe said it's okay to make mistakes but your mistakes does not define your future. But it's heartedly advise while Joe says that... God bless

[@philipjee4389]

@@temamoytvofficial5174 couldn't agree more joe rogan is just fun to watch and I can say the same for lex to both have so much to bring to the table 😀😄god bless two 👍

[@nedflanders8351]

What is stopping someone creating Bitcoin v2 with ONLY X amount of coins? Would we see something similar to the dot com crash? Surely people will want to use a currency which is stable (we currently have stablecoins, which based on my limited knowledge is related to current FIAT currencies) Someone please counter my points made pls thanks x

[@zacbow8439]

I mean there are already alternative coins that utilize more advanced underlying technologies for particular elements of the process; however, that is only one rationale for why a particular cryptocurrency would gain traction. The other rationales, in particular liquidity and adoption related notions, heavily favor BTC and shield it from competitors.

[@bingchilling_69]

a new bitcoin wouldn't have a network to secure it remotely as large as bitcoin, making it less valuable & easier to hack

[@amishjain17]

@@bingchilling_69 Well said

[@jeddmohlenkamp6870]

What is bitcoin? ... Its a black hole being filled with endless amount of fiat money

[@luckystar6929]

We can observe that big institutions and "rich families" start to buy and store bitcoin. Bitcoin will grow in price exponentially. Whats gonna happen then. Will Bitcoin helps to perpetuate the big diferences of power, rich/richer - poor/poorest? How Bitcoin will make the world better? What I see now is: if you have any possibility (cash/money/fiat) run and buy Bitcoin NOW!!! What about the people that can't buy it?

[@jordanbeagle5779]

Cash also has the same problem as it is inflated (printed) and lent out to those with better credit which widens the wealth gap between those who cannot access cheap money.

[@Jax6000]

Go longgggg

[@bradmarlin2964]

And what happens when our SUN does what it always does, at some point, and emits a massive EMP?

[@bingchilling_69]

the transactions stop but the blockchain is still secured

[@bradmarlin2964]

@@bingchilling_69 please state your source, I’m very curious. Thnx

[@bingchilling_69]

@@bradmarlin2964 No source its how the blockchain and hard drives work, the blockchain is stored on hard drives, not RAM. Unconfirmed transactions would be in a much more dangerous position though.

[@bradmarlin2964]

@@bingchilling_69 Ahhh, OK.. FWIW Hard Drives are very susceptible to EMP’s. In the event of an EMP it would entirely wipe a HDD, of any kind.

[@bingchilling_69]

@@bradmarlin2964 Yeah that would be a big hit, I don't think a hypothetical situation where all hard drives get wiped is on the table though.

[@kault324]

Two people have total wealth of, $1000 today, as an example. One buys bitcoin today. It grows in value to $10,000 perhaps in a year. The second person buys in a year and gets 1/10th less of a coin than the first person? How is this equitable as a "perfect" currency? How can mere perception of value result in a perfect currency? Perception is the new mechanism of inflation or deflation?

[@amishjain17]

It is the fiat going worthless against BTC while is absorbing it. This way BTC inflating at a higher price in fiat and fiat is deflating against BTC.

[@astroNexx]

to add to your question here: the upward volatility is basically the adoption curve. The more economic activity exists in the network + its desirability compared to other monetary networks (say the USD) the more one coins value would increase. In a world where bitcoin adoption had peaked, the exchange prices would be basically comparing the desirability through buy/sell flux between those two networks.

[@scariestofthem]

Bitcoin is everything ,FEW ..

[@PeterIsza]

Yeah, but will Bitcoin win, or will it be another crypto with better technology? Or both?

[@decentri777]

Beutiful.

[@srt4joe19]

Been making great gains on oceanex token

[@krooked1587]

One could argue that bitcoin did not discover absolute scarcity. Pretty sure the Mona Lisa painted by Leonardo Da Vinci is absolutely scarce and cannot be reproduced by Leonardo himself.

[@flone644]

philosophy- the art of using more words than necessary

[@Papercutgirl]

Robert is wrong about increasing blocksizes leading to centralization. BTC is only 1 MB blocks which is insignificantly small and damaging to the network which is why you must pay +$20 per tx today. This centralizes Bitcoin to be an artifact only usable by the elite, also he is deliberately misleading about the importance of a full node (which can still be misled by a network) because the only nodes that can truly verify fraud are miner nodes with significant hashpower (and game theory is at play when doing so because it is an adversarial network). You guys should actually learn about Bitcoin Cassh from a un-biased source.

[@bingchilling_69]

The blocksize is larger because of segwit, and increasing it is proportional to making node operation more expensive, making the network less secure. Running lightning on top of bitcoin allows small, almost free, and energy efficient transactions.

[@Papercutgirl]

@@bingchilling_69 Making nodes slightly more expensive as a 1 time cost is much more favorable than paying +$20 tx fee for every transaction including the ones you need to setup a Lightning channel and settling a Lightning channel. Lightning has been heralded as a 18 months away from mainstream adoption since 2016. It is just a much more complicated middleman bank/alipay/paypal substitute... at that point you might as well have zelle/bank of america route your Bitcoin for you!

[@bingchilling_69]

@@Papercutgirl LN is getting adoption (81% growth since the start of 2020), and multiplying the blocksize would be a huge cost to node operators.

[@Papercutgirl]

@@bingchilling_69 No, expecting ppl to pay +$40 per tx rather than running a cheap raspberry pi node (which is possible on BCH which processes more tx and with more $ value per day than BTC) completely negates using BTC as a payment method. Thats why Steam no longer accepts BTC and no big names use Lightning... cause it sucks and is harder to use than Alipay... which my grandma can use daily. Or do you want Alipay to become the 2nd layer on top of BTC for the entire world? Get out of your echochamber.

[@bingchilling_69]

@@Papercutgirl You can literally set up a ln node on a raspi, blockchains are better off as a secure base layer for a less secure 2nd layer than an insecure 1st layer. Saying tx fees are $40 because they spiked 4x is cherrypicking.